Pure Storage, Inc. (NYSE:PSTG) Insider Sells $1,229,875.76 in Stock

Pure Storage, Inc. (NYSE:PSTG) insider Ajay Singh sold 19,972 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at $16,142,827.52. This represents a 7.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Pure Storage Stock Up 2.8 %

PSTG opened at $64.23 on Monday. The stock has a market capitalization of $20.95 billion, a price-to-earnings ratio of 169.03, a PEG ratio of 7.69 and a beta of 1.09. The firm has a 50 day moving average price of $57.27 and a 200-day moving average price of $56.78. Pure Storage, Inc. has a twelve month low of $35.35 and a twelve month high of $70.41. The company has a quick ratio of 1.74, a current ratio of 1.77 and a debt-to-equity ratio of 0.07.

Wall Street Analyst Weigh In

PSTG has been the subject of a number of research reports. Evercore ISI increased their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Barclays lifted their price target on shares of Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. Morgan Stanley upped their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Guggenheim raised their target price on shares of Pure Storage from $72.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Citigroup upped their price target on Pure Storage from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Pure Storage has an average rating of “Moderate Buy” and a consensus target price of $72.70.

Hedge Funds Weigh In On Pure Storage

Several hedge funds and other institutional investors have recently modified their holdings of PSTG. Larson Financial Group LLC boosted its position in Pure Storage by 242.9% in the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in Pure Storage during the third quarter valued at approximately $31,000. Venturi Wealth Management LLC increased its holdings in Pure Storage by 40.9% during the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock valued at $38,000 after buying an additional 219 shares during the last quarter. nVerses Capital LLC purchased a new stake in Pure Storage during the third quarter valued at approximately $50,000. Finally, Covestor Ltd raised its position in Pure Storage by 175.3% in the third quarter. Covestor Ltd now owns 991 shares of the technology company’s stock worth $50,000 after acquiring an additional 631 shares during the period. 83.42% of the stock is owned by institutional investors.

About Pure Storage

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.